Foreclosure in Wisconsin>Question Details

Akfischer82, Home Owner in Wisconsin

How long do we have to get out after sale?

Asked by Akfischer82, Wisconsin Mon Jul 25, 2011

We haven't made a payment on our house in for just over a year. Bank of America filed on us Oct 2010, but it was halted due to our bankruptcy which was discharged March 2011. They were 2 months into the process when we filed. They haven't restarted the process yet for foreclosure. But our biggest question is how long after the sheriff's sale do we have to get out?

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Without addressing the redemption period like the other posters (my state is 10 days after the sale), once the foreclosure sale takes place, you will be contacted and offered cash for keys - they will pay you a couple thousand dollars to vacate the property in 30 days or so, provided you leave the place in broom swept condition, no garbage, no furniture left behind, and all systems up and running to include the stove. If you decline cash for keys, they will evict you through the courts, which could take six months or so. It seems since it doesn't sound like the foreclosure is even scheduled, you have quite a bit of time left to stay, but when the time comes and cash for keys is offered, you should take the money. Otherwise the next knock on the door will be the sheriff accompanied by the movers and a locksmith...and you will get nothing.
0 votes Thank Flag Link Thu Aug 4, 2011
Our landlord led us on for 6 months before we found out he was in foreclosure. We found out a month before his redemption expired. We are in Wisconsin and the way it works after speaking with an attorney is that if the lender (foreclosee) waives their right to a defiency judgement the court will only grant a 6 month redemption. Without the waiver its 12 months prior to the sale which is 8/29. After the sale date the owner has a certain amount of time10days after the sale confirms to vacate the property. The tenants which is me have 90 days if the banks acquire it back or 30 days if it goes to a new owner and the new owner does not want to rent the place.
0 votes Thank Flag Link Thu Aug 4, 2011
The redemption period can be UP to 12 months. It's more complicated that saying you will have 12 additional months. There are mitigating circumstances that could potentially shorten that redemption period.

It would be best to contact an attorney familiar with real estate law. This will ensure that you will not be surprised when they come knocking at the door.

Also, Wisconsin law allows for deficiency judgments. An attorney can explain that to you, too.
0 votes Thank Flag Link Mon Jul 25, 2011
Hello Akfischer,
I suggest that you seek the counsel of a local attorney with your legal questions regarding the redemption period as they know the state laws best.

I do believe that you are not granted a redemption period but have up to 12 months to pay up what's owed on the property in order to keep your home.

I can tell you that BofA is known to be very slow initiating and processing their foreclosures but they will definitely let you know when they are ready to begin foreclosing on your home.

Please, contact an attorney with your questions and best wishes to you.

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jul 25, 2011
The sale I would assume would take place AFTER the judgement is passed down from the courts right? And that we could potentially have another 12 months to stay in the house if we are granted the redemption period? Nothing on our county court's website says that our case has been reopened, but it's been 4 months since our bankruptcy has been discharged and we're wondering why BOA has not restarted their process, unless it has and somehow we haven't gotten any sort of notification.
0 votes Thank Flag Link Mon Jul 25, 2011
Hello Akfischer,
According to Wisconsin law the redemption period is typically twelve (12) months after the sale unless the foreclosure has been confirmed by court order.

Here is a link with some helpful information on foreclosures in Wisconsin:

Hope this helps.
Best of luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Jul 25, 2011
All depends however I would not risk it many times families return home all their personal possessions been removed locks been changed

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Jul 25, 2011
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